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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Ps Multiple | 0.8x - 0.9x | 0.9x |
Selected Fwd Ps Multiple | 0.8x - 0.8x | 0.8x |
Fair Value | £5.12 - £5.66 | £5.39 |
Upside | 36.8% - 51.2% | 44.0% |
Benchmarks | Ticker | Full Ticker |
---|---|---|
Springfield Properties Plc | - | AIM:SPR |
Barratt Redrow plc | - | LSE:BTRW |
Persimmon Plc | - | LSE:PSN |
Bellway p.l.c. | - | LSE:BWY |
The Berkeley Group Holdings plc | - | LSE:BKG |
MJ Gleeson plc | - | LSE:GLE |
Select Price / LTM Sales Ratio | ||||||||
Benchmark Companies | ||||||||
SPR | BTRW | PSN | BWY | BKG | GLE | |||
AIM:SPR | LSE:BTRW | LSE:PSN | LSE:BWY | LSE:BKG | LSE:GLE | |||
Historical Sales Growth | ||||||||
5Y CAGR | 6.9% | -2.6% | -2.6% | -5.8% | 5.3% | 6.7% | ||
3Y CAGR | 7.1% | -4.7% | -3.9% | -8.7% | 1.9% | 6.2% | ||
Latest Twelve Months | -14.2% | 4.8% | 15.4% | -11.6% | 0.9% | 13.9% | ||
Historical Net Income Profit Margin | ||||||||
5 Year Average Margin | 4.8% | 9.4% | 15.9% | 8.7% | 18.2% | 7.5% | ||
Prior Fiscal Year | 3.6% | 10.0% | 9.2% | 10.7% | 16.1% | 7.4% | ||
Latest Fiscal Year | 2.8% | 2.7% | 8.3% | 5.5% | 15.4% | 5.6% | ||
Latest Twelve Months | 3.6% | 2.6% | 8.3% | 5.8% | 15.4% | 4.7% | ||
Current Trading Multiples | ||||||||
EV / LTM EBITDA | 9.6x | 12.4x | 8.5x | 11.9x | 5.9x | 8.5x | ||
Price / LTM Sales | 0.5x | 1.2x | 1.2x | 1.2x | 1.4x | 0.6x | ||
LTM P/E Ratio | 13.2x | 44.9x | 14.2x | 20.7x | 9.2x | 13.1x | ||
Low | Mid | High | ||||||
Benchmark LTM P/S Ratio | 0.5x | 1.2x | 1.4x | |||||
Historical LTM P/S Ratio | 0.6x | 0.9x | 2.2x | |||||
Selected Price / Sales Multiple | 0.8x | 0.9x | 0.9x | |||||
(x) LTM Sales | 352 | 352 | 352 | |||||
(=) Equity Value | 284 | 299 | 314 | |||||
(/) Shares Outstanding | 58.4 | 58.4 | 58.4 | |||||
Implied Value Range | 4.87 | 5.12 | 5.38 | |||||
FX Rate: GBP/GBP | 1.0 | 1.0 | 1.0 | Market Price | ||||
Implied Value Range (Trading Cur) | 4.87 | 5.12 | 5.38 | 3.74 | ||||
Upside / (Downside) | 30.1% | 36.9% | 43.8% |
Equity Value | |||||||
Benchmark Companies | |||||||
(in millions) | SPR | BTRW | PSN | BWY | BKG | GLE | |
Value of Common Equity | 120 | 5,408 | 3,798 | 3,060 | 3,542 | 219 | |
(/) Shares Outstanding | 119.0 | 1,424.7 | 320.1 | 119.0 | 97.2 | 58.4 | |
Implied Stock Price | 1.01 | 3.80 | 11.87 | 25.72 | 36.46 | 3.74 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 1.01 | 3.80 | 11.87 | 25.72 | 36.46 | 3.74 | |
Trading Currency | GBP | GBP | GBP | GBP | GBP | GBP | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |